Praxis grabs business parks
Praxis has completed the purchase of an eight-asset office and business park portfolio from Blackstone for £65m. The price paid for the 632,381 sq ft portfolio reflects a net initial yield of 8.2%. The largest asset is the 124,000 sq ft Concord business park near Manchester Airport. Knight Frank and CBRE acted for Blackstone.
Ashby seals £450m double buy
Peter Ferrari’s Ashby Capital has closed two purchases totalling £450m: the 310,000 sq ft Colmore Plaza in Birmingham from Carlyle Group for £140m and a stake in Helical Bar’s and Baupost’s redevelopment of St Bartholomew’s Hospital, E1, for around £300m. Ashby was advised by JLL on Colmore Plaza and by Savills on Barts Square; Cushman & Wakefield advised Carlyle Group; CBRE advised Helical Bar.
BlackRock buys Atrium
BlackRock UK Property Fund has purchased the Atrium, a 138,000 sq ft multi-let office on Harefield Road in Uxbridge, Middlesex, from Aviva Investors for £55.9m – a 5.7% yield. Bray Fox Smith acted for BlackRock; Strutt & Parker acted for Aviva.
CBRE GI exchanges on Angel
CBRE Global Investors has exchanged contracts to purchase the Angel Central shopping centre in Islington, N1, for £170m. The centre was sold by Warburg-HIH Invest Real Estate, managed by TH Real Estate. The price for the 150,000 sq ft centre reflects a 4% yield. CBRE advised CBRE Global Investors; Cushman & Wakefield advised TH Real Estate.
NewRiver toasts £53m pub deal
NewRiver Retail has exchanged contracts to buy a portfolio of 158 pubs in England and Wales from Punch Taverns for £53.5m – a net initial yield of 13.6%. The portfolio is 99.4% let. Colliers International advised NewRiver.
